The market is clearly not efficient, otherwise there would be no opportunity for alpha.
You can go onto the market today and buy like-kind stocks at double digit discounts to valuation just because they're smaller cap/lesser known. e.g. Retail REITs, where the business and risks are almost identical.
EMH as commonly interpreted is clearly wrong in my view.
What is true is that the majority of people can't beat the market picking stocks, but that doesn't mean there aren't observable inefficiencies. Just that most people don't care or know how to observe them